Asian Investment Risk Covered
(N.Z. Press Association —Copyright)
CANBERRA, May 24.
The Australian Government would take action to protect Australian investment in Asian countries from loss by expropriation or take-overs, the Minister for Trade, Mr John McEwen, announced in the House of Representatives today.
He said legislation would be introduced in the Budget sittings of Parliament to givfe effect to this decision.
The Government, through
the Exports Payments Insurance Corporation, would accept 90 per cent liability in covering the business risks. Mr McEwen said the three types of risks to be protected by the insurance were the expropriation or take-over by a foreign government; the inability to transfer capital or earnings back to Australia: and war, insurrection and similar types of disturbances in foreign countries. Mr McEwen said the Government’s main purpose in providing this type of insurance was to foster growth of exports by encouraging the establishment of factories overseas, particularly in the developing countries of Asia. He said the terms of insurance cover would be limited to 15 years. The Government would consider making the provisions of the coming legislation retrospective to investment entered into earlier this year.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19650525.2.168
Bibliographic details
Press, Volume CIV, Issue 30759, 25 May 1965, Page 17
Word Count
190Asian Investment Risk Covered Press, Volume CIV, Issue 30759, 25 May 1965, Page 17
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in